（於 新 加 坡 共 和 國 註 冊 成 立 的 有 限 公 司） （股 份 代 號：6603） 董事會召開日期 IFBH Limited（「本公司」）董事會（「董事會」）兹通告謹定於2025年8月21日（星 期 四） 舉 行 董 事 會 會 議，藉 以 考 慮 及 通 過 本 公 司 及 其 附 屬 公 司 截 至2025年6月30日 止 的 六 個 月 中 期 業 績 以 供 發 佈，並 考 慮 建 議 派 發 中 期 股 息（如 有），以 及 處 理 其 他 事 項。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 IFBH Limited 於 本 公 告 日 期， 董 事 會 包 括：(i)執行董事Pongsakorn Pongsak先 生、Metaphon Pornanektana女士及Vipada Kanchanasorn女士；(ii)非執行董事Tawat Kitkungvan先生； ...

Core Viewpoint - The coconut water market is experiencing high growth potential, with a market size just over $1 billion, indicating room for improvement compared to other beverage categories. The sustainable growth is supported by increasing penetration rates and a focus on high-quality raw materials and stable supply chains [1][2]. Industry Summary - The coconut water industry has a clear division of labor, with raw material attributes determining the stability of the supply chain as a key factor. The market is currently attracting numerous participants, but issues such as substandard products are disrupting market order. Future industry standards are expected to favor companies with high-quality raw material sources and stable supply chains [1]. - The market for coconut water is projected to maintain a high level of prosperity, with significant growth opportunities as the industry becomes more regulated [1]. Company Summary - IFBH is identified as a leading company in the domestic coconut water market, focusing on branding rather than midstream processing or downstream sales. The company has a strong relationship with its main raw material supplier, General Beverage, which enhances its supply chain efficiency [1][2]. - General Beverage is the sole supplier of coconut water raw materials, having established strong partnerships with qualified farmers and local collectors in Thailand. In 2024, IFBH's coconut water sales are expected to reach 132 million liters, accounting for over 45% of Thailand's estimated coconut water production in 2023 [2]. - The company has successfully entered the Chinese market since 2017, enhancing brand recognition through packaging, distribution, and online marketing strategies. This has led to a positive market cycle, with expectations for continued high growth in the future [2]. - Profit forecasts indicate that IFBH's net profit attributable to shareholders is expected to reach $0.43 billion, $0.56 billion, and $0.7 billion for the years 2025-2027, with year-on-year growth rates of +29.5%, +28.77%, and +25.12% respectively, reflecting the high industry growth potential [2].

Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The coconut water industry continues to show high growth potential, with the leading company's advantages supporting its progress [1][3] - The market for coconut water is expected to maintain a high level of prosperity, with significant room for improvement in its structure [3][22] - The company, IFBH, is positioned as a leader in the domestic coconut water industry, benefiting from favorable market conditions and a stable supply chain [3][22] Summary by Sections 1. Coconut Water Industry Growth - The coconut water industry is characterized by a clear division of labor in its supply chain, with raw material properties determining the stability of the upstream supply chain [2][5] - The market is experiencing an influx of participants, leading to ongoing price exploration and competition [36] 2. IFBH: Industry Leader - IFBH has established a strong presence in the Chinese market, leveraging its stable coconut water supply chain [3][22] - The company effectively controls its brand and products while allowing agents to manage market distribution [3][22] 3. Profit Forecast - The company forecasts net profits of $0.43 billion, $0.56 billion, and $0.7 billion for 2025, 2026, and 2027, respectively, with year-on-year growth rates of +29.5%, +28.77%, and +25.12% [3][22] 4. Market Dynamics - The coconut water market in China is projected to grow from $1.02 billion in 2019 to $10.93 billion by 2024, with a CAGR of 60.8% [18][22] - The company’s main revenue source is coconut water, which accounted for 95.6% of total revenue in 2024, with significant contributions from the mainland Chinese market [63][69] 5. Competitive Advantages - IFBH has a strong supply chain control, with General Beverage as its primary supplier, ensuring high-quality raw materials [80][82] - The company has received multiple awards for its products, enhancing its brand reputation in the market [86]

Core Viewpoint - The report from Credit Lyonnais initiates coverage of IFBH (06603), the parent company of the Thai coconut water brand, with a target price of HKD 43 and an "outperform" rating, highlighting the company's leadership position in the mainland and Hong Kong markets [1] Group 1: Market Position and Growth Potential - IFBH is positioned to capitalize on the rapid popularity of coconut water, with significant growth potential in market penetration in mainland China [1] - The company possesses competitive advantages in procurement, product quality, and brand value, which are expected to help maintain its leading position [1] Group 2: Business Expansion Opportunities - There are opportunities for the company to further expand its offline business and potentially enter other markets and adjacent product categories [1]

Core Viewpoint - The report from Credit Lyonnais initiates coverage of IFBH, the parent company of the Thai coconut water brand, with a target price of HKD 43 and an "outperform" rating, highlighting its leadership position in the mainland and Hong Kong markets [1] Group 1: Market Position and Growth Potential - IFBH is positioned as a leader in the coconut water market, which is experiencing rapid growth and increasing penetration in mainland China [1] - The company has competitive advantages in procurement, product quality, and brand value, which are expected to help maintain its dominant market position [1] Group 2: Business Expansion Opportunities - There is potential for IFBH to further expand its offline business and possibly enter other markets and adjacent product categories [1]

FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06603 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 266,666,800 | | 0 | | 266,666,800 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 266,666,800 | | 0 | | 266,666,800 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | IFBH Limited (於新加坡共和國註冊成立的有限公司) | | | ...

Core Viewpoint - IFBH, a Thai beverage company, is expanding its presence in the Greater China market, focusing on coconut water, which is experiencing strong growth globally and particularly in China [1][2]. Group 1: Company Overview - IFBH was founded in 2013 by Pongsakorn Pongsak and has introduced the "if" brand to mainland China, with additional markets in Hong Kong, Taiwan, and Singapore [1]. - The company operates two main brands: "if" and "Innococo," with "if" contributing the majority of revenue in 2024, while "Innococo" is gradually increasing its share due to higher profit margins [1]. - In terms of regional sales, mainland China accounts for 92.4% of revenue, Hong Kong 4.6%, and other regions 3.0% [1]. Group 2: Market Growth - The global coconut water beverage market is projected to grow at a compound annual growth rate (CAGR) of 14.7% from 2019 to 2024, with a forecasted CAGR of 11.1% from 2024 to 2029 [1]. - China is a major consumer of coconut water, with retail sales expected to represent 21.9% of the global total in 2024, and the Greater China region is experiencing the fastest growth in the market, with a CAGR of 60.8% from 2019 to 2024 [1]. Group 3: Market Position - IFBH has maintained the leading market share in mainland China for five consecutive years, reaching 34% in 2024, which is over seven times that of the second competitor [2]. - In Hong Kong, IFBH has led the market for nine years with a share of approximately 60%, also surpassing the second competitor by over seven times [2]. - Globally, IFBH ranks second in market share at 7.5%, with the highest retail sales growth rate among the top five coconut water companies, achieving 81% in 2024 [2]. Group 4: Business Strategy - The company employs a light-asset model, focusing on supply chain management and outsourcing production to ensure product quality while minimizing costs [2]. - IFBH benefits from a stable supply chain, with General Beverage as its main supplier and co-manufacturer, providing coconut water raw materials at 18% lower costs compared to competitors [2]. - The company is expanding its product matrix with innovative offerings such as sparkling coconut water, coconut coffee, and coconut green tea to meet diverse consumer demands [3]. Group 5: Future Outlook - The company plans to accelerate its global expansion into markets such as Australia, the Americas, and Southeast Asia, enhancing its innovation capabilities [3]. - Revenue projections for 2025-2027 are estimated at $212 million, $275 million, and $344 million, with year-on-year growth rates of 34.52%, 29.66%, and 24.96% respectively [3].

Market Overview - On July 29, the Shanghai Composite Index rose by 0.33%, the CSI 300 increased by 0.39%, the STAR 50 climbed by 1.45%, the CSI 1000 went up by 0.65%, and the ChiNext Index surged by 1.86%. In contrast, the Hang Seng Index fell by 0.15% [4]. - The best-performing sectors on July 29 were telecommunications (+3.29%), steel (+2.59%), pharmaceuticals and biology (+2.06%), electronics (+1.42%), and national defense and military industry (+1.19%). The worst-performing sectors included agriculture, forestry, animal husbandry, and fishery (-1.36%), banking (-1.19%), beauty and personal care (-0.71%), light industry manufacturing (-0.63%), and environmental protection (-0.6%) [4]. - The total trading volume for the entire A-share market on July 29 was 1,829.3 billion yuan, with net inflow from southbound funds amounting to 12.72 billion Hong Kong dollars [4]. Key Recommendations - The report focuses on IFBH (06603), a leading brand in the coconut water industry, which is positioned in a high-growth quality sector. The company is expected to achieve rapid market penetration through a light asset model in the short term, while in the long term, it aims to solidify its market share through excellent product development capabilities, a high-quality product matrix, and an expanding distribution network [5]. - The light asset model is driving rapid market penetration, leading to revenue exceeding expectations. New product launches are contributing to revenue growth, and the standards for the coconut water industry are being further refined [5]. - Revenue projections for 2025-2027 are estimated at 208 million, 270 million, and 336 million USD, with growth rates of 32.3%, 29.4%, and 24.5% respectively. Net profit attributable to the parent company is projected to be 45 million, 59 million, and 77 million USD, with growth rates of 33.8%, 32.0%, and 31.5%. The expected EPS for 2025-2027 is 0.17, 0.22, and 0.29 USD, corresponding to PE ratios of 29, 22, and 17. Given the company is in a favorable period for the coconut water sector, there is still room for growth, and an "Accumulate" rating is given [5]. Catalysts - Key catalysts for the company include the implementation of coconut water standards, expansion of offline channels, and the launch of new products [6].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][6]. Core Insights - The company, IFBH, is positioned in the rapidly growing coconut water market, focusing on health-conscious consumers and leveraging its Thai origins to expand in Greater China and beyond [2][4]. - The coconut water beverage industry is experiencing robust growth, particularly in Greater China, with a projected compound annual growth rate (CAGR) of 60.8% from 2019 to 2024, and an expected CAGR of 19.4% from 2024 to 2029 [2][68]. - IFBH has maintained a leading market share in both mainland China and Hong Kong, with a 34% share in mainland China and 60% in Hong Kong as of 2024, significantly outpacing competitors [3][17]. Company Overview - IFBH was founded in Thailand in 2013 and has successfully introduced its brands, if and Innococo, to various Asian markets, with a strong focus on mainland China [2][14]. - The company operates under a light-asset model, outsourcing production to third-party manufacturers while concentrating on brand management and marketing [4][99]. - The revenue structure shows that the if brand contributes the majority of sales, while the Innococo brand is gradually increasing its share [36][58]. Industry Analysis - The global coconut water market is projected to grow from $2.5 billion in 2019 to $5 billion in 2024, with a CAGR of 14.7% [67][68]. - In China, the coconut water market is expected to reach $1.09 billion in 2024, with a CAGR of 19.4% anticipated through 2029 [68][86]. - The company benefits from a stable supply chain and lower raw material costs, with coconut water production costs being 18% lower than competitors [4][96]. Financial Performance - The company reported revenues of $212.07 million in 2025, with a year-on-year growth of 34.52% [6][8]. - Net profit for 2024 was $33.32 million, reflecting a significant increase of 98.90% compared to the previous year [52][58]. - The overall gross margin for 2024 was 36.7%, with the if brand at 36.6% and the Innococo brand at 37.4% [58][59].

Summary of Key Points Core Viewpoint - The Hong Kong Stock Exchange (HKEX) saw 11 companies submit applications for listing from June 30 to July 6, with no companies passing the listing hearing during this period. Additionally, 7 companies initiated their public offerings, and 5 new stocks were listed. Group 1: Companies Submitting Applications - Puxiang Health Holdings Limited is a leading provider of integrated medical and elderly care services in North China, ranking second in revenue among its peers and first in revenue growth from 2022 to 2024 [2] - Magnesium Health Technology Co., Ltd. focuses on innovative payment solutions for medical expenses, being the largest provider of innovative health insurance solutions in China by policy count [3] - Yangtuo Technology Inc. operates a trading and service platform for home care and nutrition products, holding a 10.1% market share in the low-tier market [4] - Xiamen Ruiwei Information Technology Co., Ltd. specializes in image intelligent analysis products and solutions, leveraging machine learning and computer vision technologies [5] - Zijin Gold International Limited is a leading global gold mining company, ranking ninth in gold reserves and eleventh in production as of 2024 [6] - EVE Energy Co., Ltd. is a leading lithium battery platform company, ranking first in China for consumer cylindrical battery shipments and second globally for energy storage battery shipments [7] - Zhejiang Yifei Intelligent Technology Co., Ltd. is a leading industrial robotics company in China, focusing on the light industry [8] - ChipMight Semiconductor Technology (Hangzhou) Co., Ltd. is a leading power semiconductor company, ranking second in the global OLED display PMIC market [9] - Beijing Tongrentang Medical Investment Co., Ltd. is the largest non-public Chinese medicine hospital group by outpatient and inpatient visits [11] - Shandong Linglong Tire Co., Ltd. is the largest OE tire manufacturer in China and the third largest globally [12] - Magnesium Holdings Limited is an innovative automotive technology company focused on AI-driven integrated domain control solutions [13] Group 2: Public Offerings and New Listings - Seven companies initiated their public offerings, including Anjii Foods, which had a subscription rate of 44.2 times for its public offering [14][15] - Other companies like Lens Technology and Fortior also initiated their public offerings with significant interest from cornerstone investors [16][19] - Five new stocks were listed, including Yunzhisheng, which saw a closing price increase of 44.59% on its first day [20][21][22][23] Group 3: Market Insights - The Hong Kong Stock Exchange raised over HKD 107 billion in the first half of 2025, with a 20% increase in the Hang Seng Index [24] - The biopharmaceutical sector has seen a resurgence, with 10 companies successfully listing in the first half of 2025, compared to only 12 for the entire previous year [25][26] - The total fundraising amount for the biopharmaceutical sector reached HKD 15.6 billion in the first half of 2025, indicating strong market interest [26][27]